Mirati falls after buyout deal by Bristol-Myers Squibb

Mirati Therapeutics

09/10/2023 10:44

** Shares of drugmaker Mirati Therapeutics  MRTX.O  fall
~2.6% to $58.65 premarket 
    ** Bristol-Myers Squibb  BMY.N  said on Sunday it will
acquire Mirati for up to $5.8 billion  
    ** The deal helps BMY diversify oncology business and add
drugs it hopes can help offset expected revenue loss from patent
expirations later this decade 
    ** BMY said it will buy Mirati for $58 per share in cash, or
around $4.8 billion and a non-tradeable contingent value right
representing an additional $1 billion of value opportunity  
    ** Bristol's purchase comes when Mirati's shares are trading
cheap; shares hit a 52-week high of $101.3 apiece in November;
they closed at $60.2 on Friday
    ** Up to last close, MRTX shares up ~33% 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))